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Sergio Marchionne, the boss of Fiat Chrysler who turned the middleweight automotive business into an industry giant, has died at the age of 66.

His death was confirmed by Exor, the holding company of Italy’s powerful Agnelli family, which founded the car brand.

Mr Marchionne was replaced as chief executive of Fiat Chrysler Automobiles (FCA) at the weekend after he suffered what were described as “massive” complications while recuperating from surgery on his shoulder.

John Elkann, who chairs Exor and FCA, said: “Unfortunately, what we feared has come to pass. Sergio Marchionne, man and friend, is gone.

“I believe that the best way to honour his memory is to build on the legacy he left us, continuing...